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Rating Agency Moody’s Developing Stablecoin Scoring System

Rating agency Moody's is developing a system to score stablecoins.

It will include an analysis of up to 20 stablecoins and rate them based on the quality of attestations on the reserves backing them. The agency won't consider it an official credit rating, unnamed sources told Bloomberg.

Stablecoin Tether was ordered to report them on a quarterly basis after a settlement with the New York Attorney General's office, which alleged that Bitfinex used Tether's funds to secretly cover $850 million lost to a payment processor.

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